Posted 12/6/2023, 1:50:00 PM
Mortgage Squeeze Ahead - Hundreds of Thousands Face Payment Jumps as Rates Rise
- Fewer households expected to struggle with mortgage payments than previously predicted, but still high at 500,000 by end of 2023
- Nearly 900,000 face mortgage payment jumps of over £500/month due to higher interest rates
- 20% of those face increases of over £1000/month
- 5 million mortgage accounts already re-priced since 2021, 5 million more expected by 2026
- More competitive savings rates emerging, but many still in old low-interest accounts